The Nov’25 Brent futures contract has fallen this morning, from $69.66/bbl at 02:00 BST to $69.19/bbl at 11:30 BST (time of writing). In the news, another Russian refinery (Afipsky Oil) was targeted overnight on Friday by Ukrainian drones, suffering a fire covering 30 square metres but with no significant infrastructure damage; the refinery processes 9.1 million tons of crude oil annually. Iraq is additionally in talks with Vitol to handle crude sales once Kurdistan exports resume. Cabinet secretary of the Kurdistan Regional Government, Amanj Raheem, said that exports could resume at 6:00am Iraq time on Saturday. In other news, according to Reuters, OPEC+ has delivered only 75% of its targeted production since their announced hikes in April, producing roughly 500kb below target output. Finally, at time of writing, the front-month Nov/Dec spread is at $0.82/bbl and the 6-month Nov/May spread is at $2.21/bbl.
